Provident Financial Services (NYSE:PFS) Shares Gap Up on Better-Than-Expected Earnings

Shares of Provident Financial Services, Inc. (NYSE:PFS) gapped up before the market opened on Monday following a better than expected earnings announcement. The stock had previously closed at $14.46, but opened at $15.18. Provident Financial Services shares last traded at $15.19, with a volume of 259,224 shares trading hands.

The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.03. The business had revenue of $114.48 million for the quarter, compared to analyst estimates of $114.50 million. Provident Financial Services had a net margin of 16.78% and a return on equity of 7.31%. The company’s revenue for the quarter was down 12.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.54 EPS.

Provident Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Monday, April 29th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 6.32%. The ex-dividend date of this dividend is Friday, April 26th. Provident Financial Services’s dividend payout ratio is presently 60.00%.

Analyst Ratings Changes

A number of brokerages recently weighed in on PFS. Keefe, Bruyette & Woods decreased their price target on shares of Provident Financial Services from $20.00 to $17.00 and set a “market perform” rating on the stock in a research note on Tuesday, March 26th. Royal Bank of Canada raised their price target on shares of Provident Financial Services from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Monday. DA Davidson raised shares of Provident Financial Services from a “neutral” rating to a “buy” rating and raised their price target for the company from $15.00 to $20.00 in a research note on Monday. Finally, TheStreet lowered shares of Provident Financial Services from a “b-” rating to a “c+” rating in a research note on Wednesday, March 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Provident Financial Services presently has a consensus rating of “Hold” and an average target price of $19.00.

Insiders Place Their Bets

In other Provident Financial Services news, Director Robert Mcnerney sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $17.86, for a total value of $89,300.00. Following the transaction, the director now directly owns 9,475 shares of the company’s stock, valued at approximately $169,223.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 4.29% of the company’s stock.

Institutional Trading of Provident Financial Services

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Hennion & Walsh Asset Management Inc. raised its position in shares of Provident Financial Services by 23.6% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 18,643 shares of the savings and loans company’s stock valued at $272,000 after buying an additional 3,557 shares during the period. Quadrature Capital Ltd purchased a new stake in shares of Provident Financial Services during the 4th quarter valued at approximately $336,000. PNC Financial Services Group Inc. raised its position in shares of Provident Financial Services by 7.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 71,543 shares of the savings and loans company’s stock valued at $1,290,000 after buying an additional 4,789 shares during the period. Mendon Capital Advisors Corp purchased a new stake in shares of Provident Financial Services during the 4th quarter valued at approximately $5,873,000. Finally, RMB Capital Management LLC raised its position in shares of Provident Financial Services by 12.8% during the 4th quarter. RMB Capital Management LLC now owns 300,000 shares of the savings and loans company’s stock valued at $5,409,000 after buying an additional 34,094 shares during the period. Institutional investors and hedge funds own 71.97% of the company’s stock.

Provident Financial Services Trading Up 5.1 %

The stock has a market cap of $1.15 billion, a PE ratio of 9.50 and a beta of 1.07. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.07 and a current ratio of 1.08. The company’s 50-day moving average price is $14.74 and its 200 day moving average price is $15.66.

Provident Financial Services Company Profile

Provident Financial Services, Inc operates as the bank holding company for Provident Bank that provides various banking products and services to individuals, families, and businesses in the United States. Its deposit products include savings, checking, interest-bearing checking, money market deposit, and certificate of deposit accounts, as well as IRA products.